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Cost of Christmas is almost £850, says new Wesleyan survey

The amount of money people spend on Christmas has reached more than £850 - yet less than a fifth plan their finances to cope with the most expensive time of year, according to new research from Wesleyan.

Around 42 per cent of people predict they will spend more than £600 on gifts alone this Christmas, with visiting friends and family, nights out, entertaining and gifts making up the rest of people's festive expenses.

Yet despite the high cost of Christmas, almost 70 per cent don't set a budget, and 86 per cent pay for it out of their every day spending. This can have a knock-on impact, stretching budgets and putting financial pressure on the first few months of the New Year.

For 11 per cent of people, the only way to manage is to resort to credit cards, overdrafts or savings put aside for other things. While this can provide a short term solution, getting into debt over the holiday can dampen the festive mood.

Wesleyan surveyed 165 people as part of its regular Customer Panel research in Nov/Dec 2015.

You can register to become part of the Customer Panel here.

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Wesleyan Assurance Society and Wesleyan Bank Ltd are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Wesleyan Financial Services Ltd, Wesleyan Unit Trust Managers Ltd, Practice Plan Ltd and DPAS Ltd are authorised and regulated by the Financial Conduct Authority.  Advice about investments, insurance and mortgages is provided by Wesleyan Financial Services Ltd.

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